Financial Position - As of September 30, 2023, the group's current liabilities exceeded current assets by HKD 96,957,000[14] - The group violated bank loan covenants amounting to HKD 42,276,000 as of September 30, 2023[14] - The company has a significant reliance on its ability to continue as a going concern due to the current liabilities exceeding current assets[14] - Total assets as of September 30, 2023, were HKD 199,287,000, a decrease from HKD 204,263,000 as of March 31, 2023[17] - The group's total liabilities as of September 30, 2023, were HKD 169,789,000, compared to HKD 176,402,000 as of March 31, 2023, indicating a reduction of approximately 3.5%[44] - The company’s total equity as of September 30, 2023, was HKD 29,498,000, up from HKD 27,861,000 as of March 31, 2023[17] - The group’s net asset value fell below HKD 30,000,000, leading to discussions with the bank regarding covenant breaches[76] Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 108,960,000, a 53.2% increase from HKD 71,154,000 in the same period of 2022[15] - Net profit for the six months ended September 30, 2023, was HKD 1,637,000, compared to HKD 1,555,000 for the same period in 2022, reflecting a 5.3% increase[15] - Basic earnings per share for the six months ended September 30, 2023, was HKD 0.14, unchanged from the same period in 2022[15] - For the six months ended September 30, 2023, the group reported external customer revenue of HKD 108,564,000 from bar and restaurant operations, an increase from HKD 70,778,000 in the same period last year, representing a growth of approximately 53.5%[41] - The total reported revenue for the group was HKD 108,960,000, compared to HKD 71,154,000 for the same period in 2022, indicating an overall increase of about 53.1%[41] - The group's reported segment performance showed a profit of HKD 2,930,000 for the six months ended September 30, 2023, up from HKD 2,616,000 in the previous year, reflecting a growth of approximately 12%[41] Cash Flow and Liquidity - Cash generated from operating activities for the six months ended September 30, 2023, was HKD 23,718,000, an increase of 74.0% from HKD 13,640,000 in 2022[20] - The company reported a net cash increase of HKD 376,000 for the six months ended September 30, 2023, compared to a decrease of HKD 165,000 in the same period of 2022[20] - The group has implemented plans to improve liquidity and financial condition, including potential asset sales to repay bank loans if necessary[39] - The group continues to assess the appropriateness of preparing financial statements on a going concern basis, supported by cash flow forecasts for the next 12 months[37] Employee and Operational Costs - The group reported a total employee cost of HKD 35,237,000 for the six months ended September 30, 2023, which is a 46.2% increase compared to HKD 24,097,000 in the same period of 2022[55] - Employee costs for the period amounted to HKD 35.2 million, a growth of 46.1% from HKD 24.1 million, attributed to the increase in the number of restaurants and bars[92] - The total depreciation of property, plant, and equipment for the six months ended September 30, 2023, was HKD 5,864,000, compared to HKD 4,628,000 in the previous year, indicating a 26.7% increase[55] Investments and Expansion - The company plans to continue expanding its market presence and investing in new product development[19] - The group operates chain bars and restaurants under the brands "Pacific Bar," "Shape," "Moon Ocean," and "Pacific" in Hong Kong, along with property investments[23] - The company opened one new bar under the "Pacific Bar" brand and one new restaurant under the "Shape" brand during the reporting period, bringing the total to 53 bars/restaurants in Hong Kong[88] - The group has signed six bar management and consulting agreements in China, marking its expansion into the Chinese market[116] Accounting and Compliance - The interim financial statements were prepared in accordance with Hong Kong Accounting Standard 34, with no significant issues identified during the review[11] - The financial statements include a comprehensive income statement, balance sheet, and cash flow statement for the relevant periods[9] - The group has adopted new accounting standards effective from April 1, 2023, which did not have a significant impact on the financial position or performance for the current and prior periods[29] - The group’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and the GEM Listing Rules[34] - The audit committee reviewed the unaudited condensed consolidated financial statements for the period and confirmed compliance with applicable accounting standards and GEM listing rules[145] Shareholder Information - As of September 30, 2023, Moment to Moment holds 431,543,700 shares, representing approximately 50.18% of the company's issued share capital[125] - The total number of shares issued by the company is 860,000,000[125] - A total of 28,896,000 share awards were granted to key executives, including Ms. Chen Zhiqiao, Ms. Chen Zhihao, and Ms. Chen Jing, all of whom are executive directors and major shareholders[134] - The company has adopted a new share plan on September 29, 2023, which replaced the previous share option plan[132] - The company granted share awards on September 29, 2023, with one-third vesting after 12 months, another third after 24 months, and the final third after 36 months[139] Risks and Challenges - The company is subject to higher investment risks compared to larger companies listed on the main board of the Hong Kong Stock Exchange[3] - The report emphasizes the importance of understanding the potential risks associated with investing in GEM-listed companies[3] - The group has not reported any significant changes in accounting policies due to the application of new financial reporting standards during the interim period[29] - The group is in the process of assessing the impact of new guidelines regarding the cancellation of the MPF-offset mechanism on its accounting policies[33] - The group has not yet fully completed the assessment of the impact of the new guidelines, and the effects will be evaluated in the annual report for the year ending March 31, 2024[33]
太平洋酒吧(08432) - 2024 - 中期财报